Critical buyer mistake #2- Not Having A Home Inspection
There been so many blogs written on this very subject and there is only so much to say. However I’m hoping that I can get you understand as a buyer, why this step is so critically important.
Let’s start with the differences in inspections, there are typically three kinds. They all have different functions and confuse most buyers so here’s the clarification-
Home inspection- This is done by a professional home inspector that you the buyer hire. The report the inspector will give you is yours and only yours. You are under no obligation to share it with the seller. It’s used to make sure that you have something in writing, should there be an issue that needs to be addressed with the seller. This typically costs $400 and it’s as much of a manual of how your home runs as it is looking for problems. This has a lot of value especially when you’re first-time homebuyer and have never changed and air filter on your furnace or have no idea where your gas shutoff valve is.
At time of sale/city inspection- The city typically can care less about you as a buyer. The only thing they’re really interested in is generating more revenue for the city, controlling the sale of real property and making the sellers repair or replace items in their home before the property changes hands to the buyer. It’s not to say that these are useful inspections but should not take the place of a buyer hiring an independent home inspector to evaluate the home prior to purchasing. A city inspection in many cases looks for broader based issues; whereas a home inspector will look at the fine details.
An appraisal- this one is really not an inspection and it is scheduled through the lender that is loaning the buyer the money to purchase the home. The lender wants to make sure that the home is valued at the purchase price. Where this becomes confusing at times is if it’s an FHA loan, the appraiser has to look for certain items that fall under FHA guidelines. At that point it becomes a minor inspection. They’re looking for chipped paint due to their concerns about lead-based paint, cracked or broken windows and other things of that nature. This also should not be confused with a full home inspection.
Finding a really good home inspector is the key to your success in buying a home. They dedicate hours of time in continuing education classes as well as just working out in the field. Most of them have seen it all. Because of this experience they stand a much better chance of finding any potential problems in the home you’re going to purchase that Uncle Bob. So before you make a decision, I urge you to take time and speak to a couple of different inspectors to see where their value is in the service they provide you the buyer.
Tom Sommers Edina Realty 952-994-7204